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  1. Care Ratings downgrades bond ratings of Allahabad Bank

Care Ratings downgrades bond ratings of Allahabad Bank

Care Ratings has downgraded credit ratings of Allahabad Bank’s outstanding and proposed bonds, citing sharp deterioration in the performance of the pubic sector lender and additional restrictions imposed under prompt corrective action (PCA) framework by the RBI.

By: | New Delhi | Published: May 23, 2018 1:58 AM
BANK, ALLAHABAD BANK Allahabad Bank (PTI)

Care Ratings has downgraded credit ratings of Allahabad Bank’s outstanding and proposed bonds, citing sharp deterioration in the performance of the pubic sector lender and additional restrictions imposed under prompt corrective action (PCA) framework by the RBI.

Earlier this month, the RBI had advised the Kolkata-based lender to restrict expansion of risk-weighted assets. Moreover, the central bank had asked the lender to reduce exposure to high-risk loans and restrict accessing or renewing wholesale deposits.

According to a stock exchange filing by Allahabad Bank on Tuesday, Care Ratings has revised rating on the bank’s Rs 850 crore tier-II bonds (under Basel II) to “A+/negative” from “AA/negative”, while rating on `1,000 crore tier-II bonds (under Basel III) has been revised to “A+/ negative” from “AA/negative”.

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